Senate Banking Committee Backs Warsh as Fed Chair in 13-11 Party-Line Vote

According to Bloomberg, Kevin Warsh, President Donald Trump's nominee to lead the Federal Reserve, cleared the Senate Banking Committee on Wednesday in a 13-11 party-line vote, putting him on track for full Senate confirmation before Jerome Powell's term expires May 15. Warsh has pledged to shrink the Fed's $6.7 trillion balance sheet, overhaul its inflation framework, and revamp public communications, while vowing to defend the central bank's independence amid Trump's stated desire for immediate rate cuts. Democrats, led by Senator Elizabeth Warren, warned the confirmation would hand Trump undue control over monetary policy.